BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A Fiscal Year (FY), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statements and reports. A fiscal year consists of 12 months or 52 weeks and might not end on December 31.

Detailed explanation-2: -A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31.

Detailed explanation-3: -A fiscal year is the twelve-month period that an organization uses for budgeting, forecasting and reporting. Although many organizations follow the calendar year, a fiscal year can start at any point in the year and end 12 months later.

Detailed explanation-4: -The fiscal year for the federal government begins on October 1 of each year and ends on September 30 of the following year; it is designated by the calendar year in which it ends. For example, fiscal year 1990 began October 1, 1989, and ended September 30, 1990.

Detailed explanation-5: -The fiscal year end is the date on which a company finishes a 12-month business cycle. Most companies’ fiscal years are different than the calendar year, ending on dates other than Dec. 31.